Debt Payoff Calculator
See how much time and interest an extra monthly payment saves on paying off debt.
22
Months Saved
$2,130.08
Interest Saved
How This Works
Extra payments go straight toward principal, which reduces the balance interest is charged on going forward — so even modest extra payments compound into significant time and interest savings over a loan's life.
Formula
Each Month: Interest = Balance × Monthly Rate; Principal Paid = Payment − Interest; New Balance = Balance − Principal Paid
Example
On a $10,000 balance at 18% APR, adding $100/month in extra payments can save well over a year of payments and hundreds of dollars in interest.
Frequently Asked Questions
How much does $100 extra per month save on a $10,000 balance?
It saves 22 months and $2,130.08 in interest.
Should I always pay extra toward debt?
Generally yes for high-interest debt, but weigh it against building an emergency fund and matching any employer retirement contributions first.